Main Branch 560 Halekauwila Street Mon. to Fri.: 7:30am to 5:00pm State Paydays: 7:00am to 5:00pm Ali‘i Branch Downtown, Ali‘i Place 1099 Alakea Street, Suite 100 Mon. to Fri.: 7:30am to 5:00pm State Paydays: 7:00am to 5:00pm Hawaii Kai Branch Hawaii Kai Towne Center 6700 Kalanianaole Highway #110 Mon. to Fri.: 9:00am to 6:00pm Saturday: 9:00am to 1:00pm Kaimuki Branch Kaimuki Shopping Center 3221 Waialae Avenue, Suite 16-B6 Mon. to Fri.: 8:00am to 5:00pm Saturday: 9:00am to 1:00pm Kaneohe Branch Kaneohe Bay Shopping Center 46-047 Kamehameha Highway, #7 Mon. to Fri.: 9:00am to 6:00pm Saturday: 9:00am to 1:00pm Kapolei Branch Kapolei Shopping Center 91-590 Farrington Highway, Suite 140 Mon. to Fri.: 9:00am to 6:00pm Saturday: 9:00am to 1:00pm Mililani Mauka Branch 95-1095 Ainamakua Drive, #9 Mon. to Fri.: 9:30am to 6:30pm Saturday: 9:00am to 1:00pm Pearlridge Branch Westridge Shopping Center 98-150 Kaonohi Street, #C101 Mon. to Fri.: 9:00am to 6:00pm Saturday: 9:00am to 5:00pm Kahului Branch Triangle Square 425 Koloa Street, #101B Mon. to Fri.: 8:30am to 4:30pm Saturday: 9:00am to 1:00pm Member Service Call Center Oahu: ( 808) 587-2700 Toll-free: 1 ( 888) 586-1056 Mon. to Fri.: 7:30am to 6:00pm Saturday: 9:00am to 5:00pm www.HawaiiStateFCU.com /HawaiiStateFCU Annual Report 2017 80 years together
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80 - Hawaii State FCU · Allison M.C. Maertens Vice President, Marketing David Kimura Vice President, Investment Services Derrick Arimoto Vice President, Commercial Lending Diane
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Main Branch560 Halekauwila StreetMon. to Fri.: 7:30am to 5:00pmState Paydays: 7:00am to 5:00pm
Ali‘i BranchDowntown, Ali‘i Place1099 Alakea Street, Suite 100Mon. to Fri.: 7:30am to 5:00pmState Paydays: 7:00am to 5:00pm
Hawaii Kai BranchHawaii Kai Towne Center6700 Kalanianaole Highway #110Mon. to Fri.: 9:00am to 6:00pmSaturday: 9:00am to 1:00pm
Kaimuki BranchKaimuki Shopping Center3221 Waialae Avenue, Suite 16-B6Mon. to Fri.: 8:00am to 5:00pmSaturday: 9:00am to 1:00pm
Kaneohe Branch
Kaneohe Bay Shopping Center
46-047 Kamehameha Highway, #7Mon. to Fri.: 9:00am to 6:00pmSaturday: 9:00am to 1:00pm
Kapolei BranchKapolei Shopping Center 91-590 Farrington Highway, Suite 140Mon. to Fri.: 9:00am to 6:00pmSaturday: 9:00am to 1:00pm
Mililani Mauka Branch95-1095 Ainamakua Drive, #9Mon. to Fri.: 9:30am to 6:30pmSaturday: 9:00am to 1:00pm
Pearlridge BranchWestridge Shopping Center 98-150 Kaonohi Street, #C101Mon. to Fri.: 9:00am to 6:00pmSaturday: 9:00am to 5:00pm
Kahului BranchTriangle Square425 Koloa Street, #101BMon. to Fri.: 8:30am to 4:30pmSaturday: 9:00am to 1:00pm
Member Service Call CenterOahu: ( 808 ) 587-2700Toll-free: 1 ( 888 ) 586-1056Mon. to Fri.: 7:30am to 6:00pmSaturday: 9:00am to 5:00pm
www.HawaiiStateFCU.com
/HawaiiStateFCU
Annual Report 2017
80 years together
Annual Report 2017
3 Governor’s Message
4 Mayor’s Message
5 President’s Message
6 Chairman’s Message
7 Year in Review
9 Board of Directors & Executive Management
10 Supervisory Committee Report
11 Statement of Financial Condition
12 Statement of Income
80 years of history
I am pleased to congratulate the Hawai’i State Federal Credit
Union (FCU) officers, Board of Directors and staff on publishing
this annual report describing the operations and performance
over the past year.
Since being chartered in 1936, the Hawai’i State FCU has
grown to become one of the largest and most trusted credit
unions in the state by offering a full range of services and membership benefits.
The credit union has helped generations of residents achieve their financial goals.
It is impressive that the Hawai’i State FCU achieved 17 consecutive quarters of loan
growth and saw an increase in membership beyond 100,000 in 2017. These achievements
reflect its commitment to offering an attractive range of financial services to its
members. Our community also appreciates its valuable support of the Friends of the
Library of Hawai’i and other worthy programs.
On behalf of the people of the City and County of Honolulu, I thank Hawai’i State FCU
for its contributions to our local economy and extend best wishes for continued success.
On behalf of the State of Hawai‘i, I extend my warmest aloha
to the employees and member-owners of Hawai‘i State Federal
Credit Union (FCU). As a non-profit financial cooperative,
owned and operated by over 100,000 members, the Hawai‘i
State FCU and its employees have provided professional
financial services in Honolulu since 1936.
With branches on O‘ahu and Maui, the credit union has offered several generations
of public workers and their families with a full range of services including savings and
checking accounts, mortgage and consumer loans, and credit and debit cards.
The Hawai‘i State FCU also supports its member-owners through its financial educational
program, scholarships, Investing in Education grants, and various community activities.
In addition, profits go directly back to its members in the form of lower fees and
better rates, maximizing opportunities to help them reach their financial goals.
I am confident that the Hawai‘i State FCU, through their “always right by you”
attitude, will manage its assets in the best interests of its member-owners and continue
to help them by providing services that are trustworthy, dependable, and secure.
Aloha,
David Y. IgeGovernor, State of Hawai‘i
Aloha,
Kirk CaldwellMayor, City and County of Honolulu
Message from Governor David Ige Message from Mayor Kirk Caldwell
80 years of service
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President’s Message to Members
Aloha Fellow Members,
What an amazing 2017! We celebrated our 80th anniversary with a campaign centered
around our members. From young families buying their first home to small-business owners
focused on growing their company to retirees who ensure the next generation is saving for
the future, these are the members whose financial dreams we’ve helped make a reality.
And what a great feeling to see them succeed. As we shared their stories, we watched our
extended family grow. We closed out the year 100,000 members strong, and counting!
Our dramatic growth is truly a testament to the strength of the credit union cooperative
model and the value we provide to our member owners. Our members see how our profits
directly benefit them in the form of better rates and lower fees, as well as many free member
events and financial tools.
We had a sell-out crowd of 1,000 members and their families at our 80th anniversary event
at Paradise Cove Luau and our popular Family Event Series drew record attendance at our
Member Movie Days.
At Hawaii State FCU, we are committed to helping Hawaii families make smarter financial
decisions by offering many free educational resources. Our newly redeveloped website is
evidence of that and is chockful of free calculators, interactive tutorials, blog content and
more to equip members with the knowledge they need to better manage their money.
Please be sure to check out our website and take advantage of these free features:
• Free Financial Education Seminars: From topics such as Fraud Protection and Retirement
Preparation, visit the Events Calendar to sign up and attend a seminar near you.
• Financial Solutions Tool: Map out your financial path to a goal from buying a home to
funding your child’s education.
• eLearning Modules: Get the knowledge you need with 25 highly interactive e-learning
modules covering a wide range of topics such as Credit Scores and Reports, Considering
Home Ownership and Estate Planning.
• Financial Calculators: Take the guesswork out of how much a loan payment will be or
how much your accounts can earn in interest with endless options of online calculators.
• Wallet Wisdom Blog: Find tips on saving money for a vacation, improving your credit
score and much more. Be sure to bookmark our blog!
Always Right By You is at the heart of all we do – because for us, we want to be there for you
every step of the way, just like family.
Aloha,
Andrew RosenHawaii State Federal Credit Union - President & CEO
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Message from the Board of Directors
Aloha Fellow Members,
As my two-year term as chairman of the Board of Directors comes to an end, it is with much
pride that I can say Hawaii State FCU is truly Hawaii’s best credit union.
I see first-hand the unwavering commitment by my fellow Board members and management
to provide members with the best products and services that bring them the most
convenience and value. As a member myself, I enjoy the Always Right By You attitude and
friendly service from employees.
We hope many of you realize that Hawaii State FCU is constantly innovating. We’ve added
new mobile app features to ensure members have secure access to their money or the
account help they need anytime, anywhere. We also have the latest fraud and identity
theft securities and the backing of the NCUA for all your deposits. We understand that
personalized banking solutions with ID theft protections are key to member satisfaction and
earning your trust.
As Hawaii State FCU continues to do well financially, we know that our profits belong to you,
our member-owners, and we put them back to work for you in the form of better rates and
lower fees. We make it a priority to take care of the communities we live, work and play in.
Here are some of the highlights of 2017:
• We’ve grown in asset size to more than $1.5 billion and serve more than 100,000 members.
• We continue to be Hawaii’s largest credit union lender, financing $855 million in loans for
members, a 17.5 percent increase from 2016.
• We’ve made a commitment to bring financial education and literacy to the community,
and employees, through seminars, in-person advice and online tools.
• We’ve awarded more than $570,000 in scholarships to students over the past 20-plus
years and $196,000 in grants to teachers through our Investing in Education program,
and will increase funding for both programs in 2018.
• We continue to support our community through our ongoing major sponsorship of the
Friends of the Library of Hawaii and American Heart Association.
• We’ve maintained our distinction as a Hawaii Business magazine “Best Places to Work”
employer for the fourth consecutive year.
It has been a pleasure to serve as the Board chairman for the last two years. This has truly
been an opportunity to share in the legacy of Hawaii State FCU and help lay the foundation
for our continued success. I am confident for what’s in store for our credit union, and may the
coming years bring good fortune and prosperity to us all.
Aloha,
Grant TanimotoBoard of Directors - Chairman
80 years of making memories
Gordon FukumotoMember
Stanley SawaiChairman
Supervisory Committee
Judy DangMember
Joshua StricklerMember
Susan EeSecretary
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The Supervisory Committee is pleased to report that Hawaii State Federal Credit Union (Credit
Union) continued to operate in accordance with sound financial principles and applicable laws
and regulations in 2017.
Federal regulations require supervisory committees to ensure the board of directors and
management of credit unions meet required financial reporting objectives, and establish
practices and procedures sufficient to safeguard members’ assets.
To fulfill our responsibilities, we contracted a certified public accounting firm to perform
an independent audit of the Credit Union’s financial statements as of December 31, 2017;
directed an internal audit program to evaluate and improve the Credit Union’s effectiveness
of risk management, controls, and governance processes; monitored the activities of the
Board of Directors and management; investigated member complaints; verified membership
accounts; worked with the National Credit Union Administration’s (NCUA) examiners; and
conducted special investigations or studies as we considered necessary.
We would like to express our gratitude to the Credit Union’s Board of Directors and
management for their support in helping us to serve you in 2017.
Supervisory Committee Report
Stanley SawaiSupervisory Committee - Chairman
Marion HigaDirector
Terrence ArataniTreasurer /Secretary
Rochelle Lee GregsonDirector
Rick BlangiardiDirector
Kaulana ParkDirector
Grant TanimotoChairman
Ryan MoritaVice Chairman
Board of Directors
Andrew RosenPresident & CEO
Rachael SasakiExec. Vice President
Administrative Services
Craig WarrenExec. Vice President
Sales & Sales Support
Executive Management
Carol Higa Senior Vice President, Business Banking & Credit Administration
Cindy M. Ching Senior Vice President, Support Services
Edmund Pang Senior Vice President & Chief Financial Officer
Elliot J. Hatico Senior Vice President, Retail Banking
Joel K. Kumabe Senior Vice President & Chief Information Officer
Mary Beth Wong Senior Vice President & General Counsel
Patricia Hao Senior Vice President, Human Resources
Victor Brock Senior Vice President, Consumer & Mortgage Lending